Core Viewpoint - The Shanghai Stock Exchange has launched an action plan to enhance the ESG ratings of listed companies, focusing on improving governance and investment attractiveness in the capital market [1]. Group 1: Action Plan Overview - The action plan includes six key initiatives aimed at improving ESG ratings, such as conducting industry-specific ESG performance analyses and developing best practice templates for companies [1]. - The Shanghai Stock Exchange will work under the guidance of the China Securities Regulatory Commission to optimize regulations and enhance services for listed companies [1]. Group 2: Rating Guidance and Communication - The plan emphasizes the need for more comprehensive guidelines on key rating indicators and encourages communication between listed companies and rating agencies through training and industry sharing [3]. - Companies are encouraged to actively identify financially significant issues and improve their ESG disclosures to meet investor needs [3]. Group 3: Best Practices and Incentives - The action plan aims to compile best practice examples from leading companies in ESG ratings to help others identify gaps and improve their ratings [4]. - Financial institutions are encouraged to incorporate ESG ratings into their financing products, and social security funds and asset management institutions are urged to consider ESG ratings in their investment decisions [4]. Group 4: Current ESG Rating Landscape - As of the end of 2024, 342 listed companies in Shanghai are included in the MSCI ESG ratings, with a significant number achieving rating upgrades [6]. - By May 2025, 22% of listed companies had improved their China Securities ESG ratings compared to the previous year, indicating a positive trend in ESG performance [7].

上交所制定推动提升沪市上市公司ESG评级专项行动方案 智通财经6月19日电，上交所制定完成《推动提升沪市上市公司ESG评级专项行动方案》。行动方案落 实推动中长期资金入市和做好金融"五篇大文章"相关要求，衔接《推动提高沪市上市公司ESG信息披露 质量三年行动方案（2024-2026年）》，旨在推动沪市上市公司ESG评级水平再上新台阶。行动方案围 绕提升沪市上市公司ESG评级这一核心目标，针对ESG评级提升的重点、难点问题，推出六大方面工作 举措。一是提供评级指导。二是推动沟通交流。三是改进信息披露。四是形成最佳示范。五是加强正向 激励。六是提升管理绩效。 ...

Core Viewpoint - The article discusses the governance structure and recent developments at Tao Li Bread, highlighting the shift from a unified family control to a more decentralized decision-making process within the board of directors [5][6]. Shareholding Structure - Tao Li Bread exhibits a typical family-controlled structure, with four family shareholders holding a combined 56.36% of shares, led by Wu Xuequn with 24.99% and Wu Xueliang with 15.71% [3][4]. - The family has a diversified shareholding, preventing any single shareholder from having absolute control, despite the concentration of shares within the family [4]. Recent Governance Issues - A recent board meeting revealed a dissenting vote from Wu Xueliang against a proposal to increase credit limits, indicating potential governance issues within the family [5][6]. - The company has 24 production bases with a capacity of 49.35 million tons, but production has decreased by 11.03% compared to 2023 [5]. Historical Context - The shareholding evolution of Tao Li Bread can be divided into three phases: initial family control, consolidation during growth, and governance adjustments post-IPO [7][10]. - The company was founded in 1997 by Wu Zhigang and his second son, Wu Xuequn, and has undergone several ownership changes and expansions since then [10][11]. Financial Performance - The company has faced declining financial performance, with a revenue drop of 14.2% in Q1 2025 and a net profit decline of 27.1% [19]. - In 2024, revenue was 6.09 billion yuan, down 9.9% year-on-year, with net profit at 520 million yuan, a decrease of 9.1% [19]. ESG Disclosure - Tao Li Bread currently holds a B rating in ESG assessments, with governance scores being higher than social and environmental scores [21][23]. - The company has faced criticism for its lack of transparency in social and environmental responsibility disclosures, particularly regarding employee turnover and product quality complaints [25][27]. Information Disclosure - The company has maintained a cash dividend policy, with a planned payout ratio of 76.6% for 2024, aligning with regulatory expectations [28]. - Despite having a comprehensive information disclosure system, the quality of disclosures still requires improvement, as evidenced by a consistent B rating from the stock exchange over the past three years [28].

Group 1: R&D and Product Development - The company will continue to invest in R&D to maintain and enhance its technological leadership, focusing on sustainable and biodegradable materials [2][3] - Key products include wool and polyester functional fabrics, with an emphasis on sustainable development and environmental protection [3] Group 2: Risk Management and Internal Control - The company has a robust internal control and risk management system, with a focus on training and compliance to enhance operational governance [3][4] - Future plans include improving risk management through enhanced auditing, compliance training, and the application of risk warning technologies [3] Group 3: Market Strategy and Expansion - The company aims to strengthen its domestic market presence by capitalizing on the outdoor sports trend and exploring partnerships with local brands [4][5] - Internationally, the company has established a presence in countries like Vietnam and Singapore to mitigate risks from U.S. tariff policies [4] Group 4: Shareholder Value and Market Performance - The company has implemented share buyback and management shareholding measures to enhance market value, with ongoing efforts to improve investor relations [4][5] - Despite challenges, the company is committed to increasing shareholder returns and maintaining compliance with stock exchange regulations [6] Group 5: ESG and Corporate Responsibility - The company is focused on integrating green development principles into its operations and aims to improve its ESG rating through collaboration with professional organizations [4][5]

Group 1: ESG Performance and Strategy - The company aims to enhance its ESG performance by leveraging organizational advantages for better governance and focusing on resilience upgrades across the entire industry chain [1][2] - In 2025, the company plans to create a sustainable value creation system to inject green momentum into high-quality development [1][2] Group 2: Market Outlook and Growth Opportunities - The wire and cable industry is crucial for the national economy, with increasing demand driven by ongoing industrialization and urbanization [2] - The industry is expected to see stable growth opportunities, particularly in the cable testing sector, as manufacturers seek product upgrades and industry advancements [2] Group 3: Business Expansion and Shareholder Returns - Future expansion plans, including potential share increases, will be made cautiously and disclosed in accordance with regulations [2] - The company aims to strengthen its core testing business while exploring mergers and acquisitions to enhance shareholder returns [2] Group 4: Quality Control and Customer Trust - The company has established a strict internal quality control management system to ensure the accuracy and impartiality of testing results [3] - Continuous research in testing technology and training of technical personnel are prioritized to maintain the integrity of testing reports [3] Group 5: Sales Strategy and Revenue Growth - Direct sales model revenue increased by 60.03% year-on-year, with the model accounting for 100% of total revenue in 2024, reflecting a 6.93% growth from the previous year [3] - The company focuses on customer-oriented strategies and brand service to enhance market penetration and revenue generation [3]

2025年4月30日，财政部、生态环境部联合印发了《企业可持续披露准则第1号——气候（试行）（征求 意见稿）》（下称《气候准则》（征求意见稿））（财会〔2025〕17号）。 这是中国首个聚焦气候相关信息披露的具体准则，其发布实施标志着中国在全球气候治理中从"被动参 与"转向"规则引领"，也为企业绿色转型和社会经济可持续发展带来更多可能性。 中央财经大学可持续准则研究中心主任刘轶芳认为，《气候准则》（征求意见稿）意义远超单一政策范 畴，有望重塑企业价值逻辑与市场生态。 她对经济观察报表示，对市场而言，这能推动可持续金融生态加速成型，也能推动气候相关信息的标准 化发展，降低投资者评估"可持续发展溢价"的成本。随着气候相关披露数据积累，ESG评级、ESG投资 将快速发展，引导百万亿级资金向真正可持续的领域聚集，形成"披露、评级、投资"的正向循环。在目 前的国际发展趋势下，中国将不断提升自己在全球气候治理中的制度性话语权。 《气候准则》（征求意见稿）共六章47条，规范了企业如何向投资者、债权人、政府及其有关部门和其 他利益相关方提供重要的气候相关信息，便于其作出经济决策、资源配置或者其他决策。 经济观察报：为什么要在 ...

Dear investors and analysts, good afternoon. Welcome to the 2024 National Taiwan Security International Annual Performance Conference. This conference will be live-streamed on the Internet via video and telephone, and will be live-streamed on the official website of the company, LuYanZhong, DongFangCaiFu, Futu Enterprises, TongFaShun, LaoHu, Wande and other platforms. Next, I would like to introduce the management team that will attend this conference. They are Dr. Yanfeng, Executive Director, Chairman of S ...